TRADING UPDATES: Leeds revenue down; Frontier IP completes fundraise

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Hercules Site Services PLC - Cirencester, England-based labour supply company for the infrastructure sector - Launches skills portal for its HS2 project, triggering an initial payment of GBP44,000. Says the launch follows the completion of successful trial.

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Bank of Ireland Group PLC - Dublin-based lender - Reaches an agreement to dispose of Irish and UK non-performing exposures portfolios, through two separate transactions. Says the gross interest income on the portfolios was roughly EUR30 million on an annualised basis. Says the transaction will reduce its NPE ratio to roughly 3.7% from 5.4% and have "a modest positive impact". Expects the deal to complete on November 15.

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NIOX Group PLC - Oxford-based developer of medical devices for asthma diagnosis and management, formerly known as Circassia Group - Says it reduced the capital required to lead to the cancellation of its share premium account. Notes that the High Court confirmed the cancellation of its share premium account.

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Mila Resources PLC - London-based gold company focused on Australia - Raises gross proceeds of GBP212,000 through a placing of 7.1 million new shares at a placing price of 3 pence per placing share. Says the investors in the placing will receive one warrant per placing share to subscribe for one new ordinary share at an exercise price of 4.8 per share. Says the proceeds of the placing will be used to build upon the highly successful stage 1 drilling campaign at Kathleen Valley.

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Reconstruction Capital II Ltd - closed-end investment fund - Says it was awarded EUR4 million in damages plus statutory interest thereon and legal costs in its case against Romar Holding Ltd, Else Holding Ltd and Erghin Hagicalil.

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Frontier IP Group PLC - London-based intellectual property commercialisation company - Completes a GBP1.5 million fundraising through an equity funding round with new and existing investors. Plans to develop and scale up its energy-efficient power conversion technology. "We believe Pulsiv will become a major green company. Converting power more efficiently means less energy is wasted, so the technology has the potential to cut carbon emissions, reduce strain on national power grids and cut energy bills for consumers. We are delighted with the results of this funding round," Chief Executive Neil Crabb comments.

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Leeds Group PLC - Wetherby, England-based textile manufacturing company - Pretax loss in the year to May 31 widens to GBP3.2 million from GBP508,000, year-on-year. Administrative expenses jump to GBP6.1 million from GBP4.9 million. Revenue falls to GBP29.6 million versus GBP33.0 million. Attributes this to the negative impact of the Covid-19 pandemic. "The German government did not provide the same levels of financial support as they did in 2021 as there were only local restrictions imposed rather than country-wide lockdowns. Thus, the group received government assistance of GBP119,000 in the year as compared to GBP966,000 received in 2021. The group has also been affected by the conflict in Ukraine during the year. The reduced sales figures for the group have not generated enough contribution to cover the fixed overheads and both Hemmers and KMR have, therefore, made losses after interest for this financial year," the company says.

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Cobra Resources PLC - Wudinna gold project in South Australia - Says the infill drilling at the Clarke prospect of its Wudinna project intersected gold mineralisation across 500 meters of strike. "We are thrilled to have the drill bit turning again. Whilst we have experienced some delays due to unseasonably wet conditions, the team are progressing the programme well in a safe and environmentally considerate manner. The results of this programme will be the finishing piece of this exploration phase which has yielded exceptional results over the last two years," CEO Rupert Verco comments.

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By Abby Amoakuh; abbyamoakuh@alliancenews.com

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